The aim of this review is to draw the attention of researchers and technological engineers from the Moldovan food industry towards the potential of microalgae as a non-traditional source of nutrients and biological active substances, such as proteins, essential amino acids, carotenoids, vitamins, polyunsaturated fatty acids ω3, phytosterols, polysaccharides, phenolic acids, microelements, etc., which can be used to increase the nutritional and functional value of conventional foods. The study synthesizes information regarding the profile of biologically active substances obtained from various microalgae species, analyses the nutritional value of microalgae biomass and their field of application. This review focuses on pigments contained in microalgae (carotenoids, chlorophylls and phycobiliproteins), deals with their biological activity and health benefits. It draws attention to the results of the recent research, which proves that microalgae pigments exhibit pronounced antioxidant properties, protect cells from the radiation, capture free radicals and reduce the oxidative stress in the body, prevent cancer, inflammation and cardiovascular diseases, modulate the immune system, prevent the macular degeneration, etc. Review describes in more detail the carotenoids class and elucidates the qualitative and quantitative content of carotenoids in some microalgae. It discusses the areas of use of the pigments accumulated in microalgae and their further application as natural food additives and dyes.